marci becker sandy mcelhinney financial management services 04/23/08 cats presentation
TRANSCRIPT
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Marci Becker
Sandy McElhinney
Financial Management Services
04/23/08 CATS Presentation
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Calculating Overtime according to PeopleSoft and FLSA – Fair Labor Standards Act
Over 40 Hours Report - TIMEMultiple Jobs/Rates – Weighted AverageBonus PaymentsOvertime Only jobsPaying Retro OvertimeProfessional Staff – Overtime EligibleOnline Calculator
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TIME will automatically convert hours over 40 to OVT or CPE, depending on the department’s setup
Hours recalculate as they are entered on timesheet Over 40 report/process will be obsolete when all
BW & HR employees are on TIME
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Employee has 2 jobs with different rates Job 0 - $8.00/hour Job 1 - $10.00/hour
Employee worked the following hours Job 0 - 24 hours Job 1 - 28 hours
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Step 1 – Calculate the Regular Pay they will receive Job 0: 24 hours * $8.00 = $192.00 Job 1: 16 hours * $10.00 = $160.00 Total Regular Pay = $352.00
Step 2 – Calculate the first 1.0 of OVT time Job 1: 12 hours * $10.00 = $120.00
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Step 3 – Calculate the FLSA Rate to be used for additional 0.5 of OVT time Total Amount: $352.00 (reg) + $120.00 (ovt) = $472.00 Total Hours: 24 + 16 + 12 = 52 hours FLSA Rate = Total Amount / Total Hours FLSA Rate = $472.00 / 52 = $9.076923
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Step 4 – Calculate additional .5 amount Overtime Hours * 0.5 * FLSA Rate 12 hours * 0.5 * $9.076923 = $54.46
Step 5 – Combine all types of pay Regular Pay = $352.00 First 1.0 of OVT = $120.00 Remaining .5 of OVT = $54.46 Total Pay for Period = $526.46
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Certain types of bonus pay will inflate the FLSA rate used to pay the additional .5 of OVT SBY – Standby INP – Incentive Payment AWD – Award OC1 – On Call HA1 – Hazard Pay (AFSCME Union)
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Hire eDoc comp rate =
regular pay rate for the type of work being
performed
Rate will be * 1.5 during payroll
calculation
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Job Comp Rate = $20.00
Rate calculated on paycheck =
$30.00
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Retroactive Rate Adjustments – enter the regular and overtime retro codes with the difference in the regular rate. Payroll calculation will increase rate.
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Employees track work hours by month Overtime rate will inflate if employee received any
bonus-type pay during the earnings period the overtime was worked
Overtime hours worked are submitted on adjustment vouchers and paid in the following month
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Coming Soonto the
FMS Website
Payroll > Payroll Procedures >
FLSA Overtime Calculation
http://www.fms.iu.edu/payroll/procedures.asp
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